By ANSAMed

In Algiers, the Algerian banks BDL (Bank for Local Development) and BNA (Algerian National Bank) have signed a partnership agreement to create the first state-owned leasing company. The new institute has been created following the new provisions of the 2009 supplementary budget law which authorises public banks to carry out this type of operation "to support the government's programme for the financing of small and medium-sized enterprises", said the director of the agency, Mohamed Karim. The leasing bank will be 50% financed by BDL and BNA and will have company capital totalling 3.5 billion dinars (over 33 million euros). Until today the leasing sector had been monopolised by foreign banks in the North African country. (ANSAmed).